BEIJING: China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday at the end of Saudi Arabian King Salman’s visit to Beijing. The world’s largest oil exporter has been looking to cement ties with the world’s second-largest economy. After losing market share to Russia last year, Saudi Arabia has sought to boost oil sales to China, the world’s second-largest oil market, by working mostly with China’s top three state oil firms.
“Both countries are willing to raise their level of cooperation in the oil sector, including supplying Saudi oil to the continuously growing Chinese market,” the two said in a statement issued by China’s official Xinhua news agency. “Both sides stress the importance of stability in world oil markets to the global economy… China appreciates Saudi Arabia being a safe and dependable oil supplier to the world market, and the role it plays in ensuring the stability of the global oil market,” it said. Salman oversaw the signing of deals worth as much as $65 billion on the first full day of his visit to Beijing on Thursday. — Reuters